DP World Said Near $1.2 Billion Deal for Logistics Firm Syncreon

According to sources familiar with the matter, DP World is close to acquiring Syncreon Holdings Ltd.According to people familiar with the matter, the Dubai-based port operator is currently in talks about a possible takeover of closely held Syncreon.Syncreon offers services such as warehouse management, fulfillment, and export packing. The acquisition of TDS Logistics by Dublin-based Walsh Western International in 2007 led to the creation of Syncreon.It went through a financial restructuring in 2019, during which it was taken over by lenders including CVC Capital Partners' credit arm and Carlyle Group Inc.'s credit arms. Bloomberg News reported that Syncreons owners had begun to look at selling the Auburn Hills-based business in Michigan earlier this year.People said that no final agreements have been reached and that talks could continue or end in disarray. CVC and DP World spokespersons declined to comment. Reps from Syncreon and Carlyle didn't respond immediately to requests for comment.DP World is one the largest global operators of marine ports, inland cargo terminals and inland shipping lanes. Its network stretches from London and Antwerp to major hubs in Africa and Russia as well as the Americas. As it strives to become a more integrated, diverse logistics company, it has been on an acquisition spree over the past years.It continues to explore ways to reduce its debt. People familiar with the matter say that DP World may offer international investors the chance to purchase the Jebel Ali-Free Zone, a valuable asset that helped turn Dubai into a global trading hub.According to Bloomberg data, a sale of Syncreon could add to the $90 billion in transport and logistics deals this year. This is almost three times more than the same period in 2020.With the assistance of Dinesh Naair, Aaron Kirchfeld and Davide Scigliuzzo